Bitcoin whale is “harvested”, and the global market turns for the better!
On July 7, ZB Research Institute learned that the recent sharp drop in the price of bitcoin may cause the global electric vehicle giant Tesla to face a bitcoin impairment loss of as much as US $100 million in the second quarter of 2021.
And Meitu, which has been committed to investing in the field of cryptocurrency, released a financial report. According to the ZB Research Institute, the fair value of bitcoins purchased by Meitu has decreased by approximately US$17.3 million on June 30, 2021, and is expected to be recognized as an impairment loss in the interim results. The increase in the fair value of purchased Ether by approximately US$14.7 million on June 30, 2021 will not be recognized as a revaluation gain in the interim results. According to Meitu’s related statement, Meitu’s cryptocurrency investment plan does not have plans to increase the position of Bitcoin and ETH in the near future, and at the same time, it will not sell the cryptocurrency held in the short term.
ZB Research Institute believes that bitcoin giant whales, which are dominated by institutions such as Tesla and Meitu group, are suffering from asset shrinkage due to negative market. Although both sides have not made a positive response to whether to sell their cryptocurrency in the short term, it does not mean that giant whales will not ignore the current market situation.
Compared with the way that ordinary traders will make profits by shorting and long, the large amount of cryptocurrency hoarded by giant whale will naturally make them become the spokesmen of bulls. The current situation of the global cryptocurrency “buyer” market is obviously disadvantageous to the bulls. Once the market touches the fundamental interests of the whale, the global market will turn for the better.
In response, Alex mashinsky, CEO of Celsius network, said that the net result was selling pressure worth $5 billion, which could make bitcoin fall below $30000. After the sell-off, the market is expected to rebound at the end of this year, and bitcoin is expected to break through the unit price of $130000 by the end of 2021.
On July 7, BlockFi, a cryptocurrency financial services company, announced that its bitcoin reward credit card will be available to selected customers on its U.S. waiting list. The company launched a waiting list for the Visa card in December 2020 and said it now has 400000 people on the list. According to ZB Research Institute, the card provides users with bitcoin rewards of up to 1.5% for each purchase.
On July 7 news, according to ZB Research Institute learned from the financial times, large hedge fund Marshall WACE has decided to set foot in the field of cryptocurrency. At present, the fund manages about US $55 billion of assets and is trying to gradually form a team to cooperate with cryptocurrency. In the relevant plans, the investment fields include distributed ledger technology, cryptocurrency payment system and stablecoin.
On July 7, it was reported that Lu xionglai, director of the Democratic Research Institute of the Democratic Party of South Korea and a member of Parliament, today proposed to amend the tax law to tax the income from virtual assets from 2023. In addition, he also proposed to classify the income from virtual assets as “financial investment income”, with a total income tax exemption of up to 50 million won (about US $40000).
The global negative cryptocurrency transactions have not had an impact on other areas of the blockchain. According to statistics from the ZB Research Institute, the NFT market rose to a new high in the second quarter, with sales so far this year of US$2.5 billion, higher than the US$13.7 million in the first half of 2020. After the popularity of NFT at the beginning of this year, its sales have remained high.
